M&A Deal Summary

Triton Partners Acquires Werner

On May 15, 2017, private equity firm Triton Partners acquired manufacturer Werner from Levine Leichtman Capital Partners, Black Diamond Capital Partners and Crescent Capital Group

Acquisition Highlights
  • This is Triton Partners’ 5th transaction in the Manufacturing sector.
  • This is Triton Partners’ 2nd transaction in the United States.
  • This is Triton Partners’ 1st transaction in Illinois.

M&A Deal Summary
Date 2017-05-15
Target Werner
Sector Manufacturing
Buyer(s) Triton Partners
Sellers(s) Levine Leichtman Capital Partners
Black Diamond Capital Partners
Crescent Capital Group
Deal Type Secondary Buyout

Target

Werner

Itasca, Illinois, United States
WernerCo is a fully-integrated, international manufacturer and distributor of access products, fall protection equipment, secure storage systems and light duty construction equipment. Its portfolio of industry leading brands include Werner, KNAACK®, WEATHER GUARD®, Youngman®, BoSS®, Centaure, Duarib, Haemmerlin and Bailey. WernerCo is based in Itasca, Illinois.

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Buyer(S) 1

Buyer

Triton Partners

Frankfurt, Germany

Investor Investor

Category Private Equity Firm
Founded 1997
PE ASSETS 15.6B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Triton Partners is an investment firm focused on investing in medium-size companies headquartered in Western and Northern Europe. This includes businesses in Germany, Switzerland, Austria, Denmark, Finland, Norway, and Sweden. Triton generally pursues market leading companies with the potential for change, as well as growth opportunities through operational improvements. Sectors of interest include business services, consumer products, consumer services, healthcare, and industrials. Triton Partners was formed in 1997 and is based in Frankfurt, Germany.

DEAL STATS #
Overall 53 of 94
Sector (Manufacturing) 5 of 8
Type (Secondary Buyout) 12 of 25
State (Illinois) 1 of 1
Country (United States) 2 of 5
Year (2017) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-12 Europart

Hagen, Germany

Europart is a trading company for spare parts and accessories for commercial vehicles, buses and special vehicles of all classes in Europe. In addition, Europart supplies its main customer groups in vehicle garages, transport companies and fleet operators with a wide range of workshop requirements, including in the areas of chemicals, workshop/office equipment, fastening technology, operational safety equipment etc. for day-to-day work. Europart was founded in 1948 and is based in Hagen, Germany.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-27 univativ

Darmstadt, Germany

univativ is a personnel service provider that specialised in the placement of experienced, freelance IT experts. The Group consists of two core brands: univativ and provativ. univativ, a personnel service provider that specialises in placing young professionals, has been successfully providing student specialists to more than 250 customers in all sectors. Its talent pool includes around 7,000 students and graduates at around 60 renowned universities. univativ operates 14 branch offices in Germany and Switzerland. univativ was founded in 1996 and is based in Darmstadt, Germany.

Buy -

Seller(S) 3

SELLER

Levine Leichtman Capital Partners

Beverly Hills, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1984
PE ASSETS 12.9B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Levine Leichtman Capital Partners (LLCP) is a West Coast US based private investment firm that targets mezzanine and other structured equity investments in middle-market companies. The Firm has several funds, each with different strategies. LLCP's larger fund targets subordinated debt, preferred equity, and/or common equity investments in companies with $100 to $750 million of revenue. The Firm's smaller fund invests $5 to $15 million in emerging companies with less than $25 million in revenue. LLCP also invests in financially distressed businesses. LLCP was formed in 1984 and has offices in Beverly Hills, California; Chicago, Illinois; Dallas, Texas; New York City; and London.

DEAL STATS #
Overall 28 of 57
Sector (Manufacturing) 1 of 2
Type (Secondary Buyout) 11 of 30
State (Illinois) 2 of 3
Country (United States) 27 of 51
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-08 Champion

Ocala, Florida, United States

Champion is a designer and manufacturer of seating products for the healthcare market. Champion's product portfolio primarily consists of highly engineered medical recliners sold to outpatient, post-acute medical facilities for treatments such as hemodialysis, where patient comfort is of critical importance. Champion was founded in 1992 and is based in Ocala, Florida.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-20 Beef ‘O Brady s

Tampa, Florida, United States

Beef ‘O' Brady's is an industry leading franchise restaurant concept. The company is built around delivering high quality food to families and sports fans in a comfortable and friendly environment. The concept successfully combines elements of a casual dining sports bar with the atmosphere of a family dining establishment, creating a unique experience for adults and kids alike. Beef ‘O' Brady's has 215 franchise restaurants in the United States and generated approximately $200 million in systemwide sales in 2006. Beef ‘O' Brady's was founded in 1985 and is headquartered in Tampa, Florida.

Sell -
SELLER

Black Diamond Capital Partners

Austin, Texas, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 72M USD
Size Small
Type Sector Focused
DESCRIPTION

Black Diamond Capital Partners is a specialist private equity firm focused on the insurance sector. Black Diamond seeks insurance companies headquartered in the US and Bermuda with strong franchises, quality management, and low 'susceptibility to unusual charges'. The Firm will act as the lead investor or is willing to partner with other investors. Black Diamond was formed in 2005 and is based in Austin, Texas.

DEAL STATS #
Overall 3 of 5
Sector (Manufacturing) 1 of 1
Type (Secondary Buyout) 3 of 4
State (Illinois) 1 of 1
Country (United States) 2 of 4
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-05 Tysers

London, United Kingdom

Tysers is a specialty commercial property & casualty insurance brokerage firm headquartered in the U.K. Tysers serves as an intermediary between retail and/or wholesale insurance brokers to facilitate the placement of unusual, complex, or specialized coverages within the London market, notably to Lloyds of London, and global insurance markets.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-03-01 Shenandoah Life Insurance

Roanoke, Virginia, United States

Shenandoah Life Insurance is an insurance company specializing in providing life insurance, specialty health insurance and annuities to middle-market consumers across the country. Shenandoah Life Insurance was founded in 1914 and based in Roanoke, Virginia,

Sell -
SELLER

Crescent Capital Group

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1991
PE ASSETS 39.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crescent Capital is a provider of debt securities to middle-market companies. Crescent looks to issue senior bank loans, high yield bonds, mezzanine debt and distressed debt to fund a variety of needs. The FIrm's direct lending group looks to provide $10 to $30 million to sponsor-backed companies that generate $5 to $35 million of EBITDA. Crescent's mezzanine practice typically provides junior capital to support buyouts, recapitalizations, and refinancings. Crescent Capital was formed in 1991 and was originally known as TCW/Crescent Mezzanine. The Firm has offices in Los Angeles, Boston, New York, and London.

DEAL STATS #
Overall 39 of 47
Sector (Manufacturing) 5 of 5
Type (Secondary Buyout) 11 of 13
State (Illinois) 4 of 4
Country (United States) 33 of 40
Year (2017) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-18 Systems Maintenance Services

Charlotte, North Carolina, United States

Systems Maintenance Services is a global provider of multivendor IT asset lifecycle services and support solutions. SMS’ advanced service portfolio includes: asset management, deployment, relocation, disposition, recycling, erasure, maintenance, and managed network and VOIP services. SMS supports more than 3,000 clients globally with physical locations across North America, Asia and Europe. SMS’ solutions include support for most datacenter brands including Cisco, IBM, HP, Dell, Oracle, EMC, Hitachi, NetApp, Lexmark and Xerox. Systems Maintenance Services was founded in 1981 and is based in Charlotte, North Carolina.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-23 GrapeTree Medical Staffing

Milford, Iowa, United States

GrapeTree Medical Staffing is a healthcare staffing agency that provides staffing solutions to healthcare facilities across the Midwest by providing healthcare professionals to fill last-minute or long-term shifts left by staffing shortages. GrapeTree Medical Staffing was founded in 1999 and is based in Milford, Iowa.

Buy -
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